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Saturday, March 25, 2023

CCI gives nod to Cummins-Meritor deal, acquisition of METRO Cash and Carry by Reliance Retail


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New Delhi: Fair trade watchdog Competition Commission of India (CCI) has approved US engine maker Cummins’s deal to acquire auto component supplier Meritor.

“The Competition Commission of India (CCI) approves acquisition of sole control of Meritor by Cummins. The combination consisted of the acquisition of sole control of Meritor, Inc. by Cummins Inc,” an official statement said on Wednesday.

Cummins is engaged in designs, manufactures, distribution and service of diesel, natural gas, electric and hybrid powertrains and powertrain-related components. Meritor, also a US-based firm, is a global supplier of axles, brakes, and other modules and components to original equipment manufacturers (OEMs).

The CCI also approved acquisition of METRO Cash and Carry India Private Ltd by Reliance Retail Ventures Ltd.

“The proposed combination involves acquisition of 100% of the issued and paid-up equity share capital of METRO Cash and Carry India Private Limited (Target) by the Reliance Retail Ventures Limited (Acquirer),” the CCI said.

METRO Cash and Carry is engaged in the business of cash and carry wholesale trading in India.

The official statement said that detailed order in both the cases would follow.


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